The prices in real estate in Manila, in the Metro Manila region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Manila has increased strongly during the last 6 months. In September, the average price per m² was ₱ 134,110. In the following month the price per m² increased to ₱ 142,858. In the following two months the price per m² has increased 108 %, going from ₱ 138,484 to ₱ 148,908.5 per m². The price per m² has had a considerable increase of 116 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₱ 143,696.25 to ₱ 167,082.5 during January, and February.
Based upon to the price in Manila (cities), this has fallen considerably in the last 6 months. The average price for September is ₱ 22,268,991. During October the price had a slight fall till ₱ 20,942,533. During the following two months (November, December) the average price had a considerable reduction of 49 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from ₱ 16,042,982 to ₱ 6,350,708, which means a 40 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of ₱ 6,404,477 they are 16 % more affordable than the average price for Manila. The properties with the highest average price have 4 bedrooms, Their price is 258 % more costly than the average. After that we have properties with 3 bedrooms priced at ₱ 10,733,436.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of ₱ 87,315 / m², with an average ₱ 176,238 / m² price in Manila. The properties with the highest average prices have 1 bedroom. They are 11 % more expensive than the average followed by properties with 2 bedrooms with a price at ₱ 129,496 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of ₱ 6,404,477 it is 51 % cheaper than the average price in Manila. "Condominium" is seen as the second most affordable property type. The dearest property type is "Commercial Lot" followed by "Lot". At a price of ₱ 37,493,479 it is 1503 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Apartment" at an average cost of ₱ 72,629 / m² followed by "Commercial Lot" priced at ₱ 80,222 / m². "Condominium" is the cheapest type of property with a ₱ 166,067 / m² value followed by "Townhouse" with an average price of ₱ 116,453 / m².